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June 6, 2011
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Temple-Inland: International Paper (IP) proposes to acquire Temple-Inland for $30.60/share in cash (21.01 -0.68) International Paper (IP) announced that it has proposed to acquire all of the outstanding shares of TIN for $30.60 per share in cash. International Paper first communicated its proposal verbally to the chairman of Temple-Inland on May 17th, 2011. Subsequently, there has been a call, a face-to-face meeting between the two sides and two letters of correspondence from the chairman of International Paper to the chairman of Temple-Inland. International Paper was informed in a letter from Temple-Inland's chairman dated June 4, 2011 that the Board of Temple-Inland has unanimously rejected International Paper's proposal.